Abstract
The different products of financial service industries are primarily based upon the requirements of society and hence newer and newer products keeps on emerging in the financial markets. The products of the financial market have two sources viz. Indigenous products and exotic products. Indigenous products are largely outcome of socio cultural and economic conditions prevailing in the society. Exotic products though originate in external cultural landscapes but offers a great potential in local markets also. There can be altogether a separate class of financial products that synthesizes features of these diverse financial products into one. The realm of these separate class of financial products are known as instruments of alternative finance. The products of alternative finance are distinctive in the sense that firstly, they are a welcome divergence from the traditional financial products. Secondly, they are for the financially excluded segment of the society. Thirdly, the products of alternative finance are the instruments of inclusive growth. This paper will endeavour to highlight emerging paradigm of alternative finance and mechanism of distribution of the products among beneficiaries. This research will be based upon secondary data available on the various websites and other pertinent literature. The data analysis will provide the utility of digital media in the expansion and enhancement of geographical reach of various products of alternative finance. It will further lead to empirical assessment of intrinsic strength of these products.This paper will finally conclude with identification of challenges and strategies to promote the growth of alternative finance products using digital media.
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